Peter Schiff mentions how Puerto Rican politicians are working against the benefit of Puerto Rico and Puerto Rican citizens, when they push for statehood. Schiff shows how Puerto Rico’s territorial status, NOT being a state, is better than being a state, since statehood would add Federal Taxes to existing Puerto Rico taxes.
Puerto Rico discussion begins around the 23 minute mark, but it’s worthwhile to listen to the entire broadcast.
From the comments:
When I was stationed in PR – I heard another one of those statehood supporters running for government – saying that if PR became a state, PR will get an additional 50 billion in funds on top of what they currently get and that they will not have to pay federal income tax for 20 or 50 years. I have heard other politicians that support statehood say that they won’t need to lean English and even say that PR, as a state can represent themselves in the Olympics as the “state of PR” and NOT the USA – because its up to the international Olympic committee and not the USA. As if the USA constitution allows it. The sad part is that i saw a bunch of stupid people that believed it. The people of PR is stupid. I also dated a Rican that owned a small business in PR that supports statehood. When I asked her if she had made a cost study to see how statehood and federal income tax would impact her business – she said no. When i sat down with her, with her Business numbers – for her surprised, if PR became a state, she will end up with a year after year net loss vs a small profit she had at the time, after federal income tax. And the loss alone can take her bankrupt. Her response was “That is not what Rosello says” – as if Rosello really cares about the well-being of PR business. She was willing to go bankrupt than not support statehood. At that point i realize that ricans politicians are stupid people and the people that supports them are uneducated dumb people.
Thank You for what you’re doing for PR standing against all the biased and rhetoric of a misleading candidate is the right thing to do.
Peter- I was born and raised in PR but have been living in the continental USA for the past 20 years. I have also been a life long supporter of the statehood party (PNP). However, your argument on this podcast against statehood is the most coherent and convincing I have ever heard. Well done.
@PeterSchiff Not acknowledging PR’s inability to declare bankruptcy that is imposed by foreign creditors in a manner like no other state or entity (except student loans) is telling half truths , bad policy plays a major role. Agreed it should remain a territory, with better strategy
The 50% of Puerto Ricans who want statehood are those who would qualify for lots of welfare benefits and food stamps. The thought of Bernie Sanders being president delights these people as all they see are free handouts; they are not looking at the big picture, only the immediate future….and even that doesn’t look good.
Pedro Pierluisi is another lawyer/politician that don’t understand the simple economics concepts. I would not worry too much about him. PR people know him and perfectly understand what he represents. PR will not be a state anytime soon. I was wondering why you are not part of the PR oversigtht board (PROMESA) at least as SME. Just keep what you doing. Sadly politicians are the virus in this world.
Lol @ thinking low IQ Puerto Rican’s want smaller government.
On the Puerto Rico subject, obviously most politicians are corrupt but Pierliuisi is one of the worst. He was a key figure in getting Puerto Rico in debt. Thank you for shedding some light on how stupid statehood would be for Puerto Rico. I think you should take the time to learn Spanish and not rely on Google translate since it’s only somewhat accurate. It would benefit you immensely not only in Puerto Rico but in general.
Peter’s makes a living from gold. And he practically promotes Puerto Rico more than gold. Who ever doesn’t see or understand that, anything else will be pointless. Its almost a shame that someone who’s not a native from Puerto Rico believes more in the Puerto Rico than its own people. And its seeing its pure value, with numbers and facts. But i guess you can take a horse to the lake but cant make him drink!
Im from Puerto Rico , Peter how you can tell somebody to look when he doesn’t want to look, Peter you are the best